Bitcoin found its way back to $50,000 in value weeks after China’s regulatory clampdown on all forms of cryptocurrencies triggered negative sentiment in the crypto community.
Ripples Nigeria reported last week that investors lost $21.35 billion following sell-off by investors frightened by China’s decision to outlaw all types of crypto and declare any digital virtual exchange illegal.
The Asian country announced its position on September 24, and in response, the value of digital assets including Bitcoin declined to $40,906 per coin.
However, one week later, Bitcoin rebounded with its value increasing by 23.1 percent within the period to sell for $50,362.98 – the highest in 24 hours – at the crypto market on Tuesday afternoon.
The most popular cryptocurrency was up by 5.44 percent in the last 24 hours and is currently sold at $50,018.78, according to the reference site, Coindesk.
Bitcoin’s market capitalisation is $942.09 billion against the $804.35 billion posted after the September 25 move Chinese government to prosecute any individual trading cryptocurrency in its territory.
This means Bitcoin investors have regained the amount they lost to China in late September, gaining $137.74 billion in just one week.
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